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vazorg [7]
3 years ago
5

Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amoun

ts described next. Assume that Raw Materials Inventory contains only direct materials.
Business
1 answer:
Nadya [2.5K]3 years ago
5 0

Answer:

All figures are imaginary .

Explanation:

West Nautical Company

<u>Cost of Goods Manufactured​ (in millions). and Sold</u>

 

                                                                               <u>Dr                     Cr </u>

 

                                                                           (000)                  (000)

 

Direct Materials (opening Inventory)                 30,000

 

Add Purchases                                                    10,000

 

Less Ending Inventory                                         6000

 

Direct Materials Used                                                                   34,000

 

Conversion Costs

 

Add Direct Labor                                               21,000

 

Factory Over Head                                                                    

 

Indirect Materials                                                 50

 

Indirect Labor                                                       14,000

 

Rent On Factory Building                                      3000

 

Depreciation (equip)                                           5000

Utilities                                                                   4000

 

Property Tax                                                          2000

 

Insurance                                                               1000

 

Total Factory Overhead/ Total Manufacturing Costs       29,050    

Deduct Under applied Overhead                                 <u>      250      </u>

<u>  Overhead applied to work in process                         28,800</u>

<u />

Total Manufacturing Costs                                            <u> 83,800</u>

Add Beginning Work In Process                                    4000

 

Total Goods in Process                                                                87,800

 

Less Ending Work In Process                                                       39,800

 

Cost Of Goods Manufactured                                                        48000

 

Add opening  Finished Goods                                                        12,000

 

Cost of Goods Available for Sale                                                    60,000

 

Less Closing Finished Goods                                                         24000

 

Cost Of Goods Sold                                                                          36000

Add underapplied overhead                                                              250

Cost of goods Sold ( adjusted for under applied overhead** )        36,250

 ** The company closes under applied or over applied overhead into cost of goods sold . Hence, $ 250 balance in under applied overhead is added to the cost of goods sold for the month.

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BLINK COMPANY    

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PERPETUAL INVETORY SYSTEM [AMOUNT IN $]    

   

DATE PARTICULARS     INVOICE DATE DR. CR.

Jul-01 PURCHASE A/C     Jul-01  6,000  

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COST OF GOODS SOLD      500  

   INVENTORY        500

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Jul-09 PURCHASE A/C     Jul-09  2,200  

                                        PAYABLE A/C {LEIGHT CO.}   2,200

2/15,N/60    

Jul-11 PAYABLE A/C {LEIGHT CO.}   Jul-09  200  

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                                             COST OF GOOD SOLD    134

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                                              BANK A/C      1,960

                                              DISCOUNT RICEIVED    40

Jul-30 BANK A/C     Jul-19  980  

DISCOUNT ALLOWED      20  

                                               A/C RECIEVABLE {ART CO.}   1,000

Jul-31 A/C RECIEVABLE {CREEK CO.}   Jul-31  7,000  

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2/16,N/60    

COST OF GOODS SOLD      4,800  

                                                 INVENTORY     4,800

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